3/14/2023 0 Comments Orx risk taxonomyOliver Wyman is supporting ORX and global financial institutions to create an updated taxonomy but going deeper to “Level 2” risks. In late 2018, ORX launched its “Level 1” reference taxonomy. For example, the event view fails to precisely capture some of the most critical current concerns such as cyber.” Luke Carrivick, Head of Research and Information at ORX said: “Organisations were telling us that the operational risk landscape has evolved to the point that the event-driven Basel taxonomy wasn’t fully supporting their risk management activities. This work began as a response to leading banks and insurance firms calling for ORX to help modernise and standardise the way operational and non-financial risk is categorised, analysed and reported. ORX and Oliver Wyman are using the latest analytics techniques to develop a more up-to-date reference taxonomy, pulling together taxonomies of 50+ financial institutions from across the globe into a reference view. LONDON and NEW YORK, NY - The world’s largest operational risk association, ORX, is collaborating with leading global management consultancy, Oliver Wyman, to enhance a reference risk taxonomy that is relevant for today’s changing financial services industry.
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